Today, Render Network finalized the migration and upgrade of its AI crypto token RENDER. Following the highly anticipated rebranding, the AI token has seen positive price action, rising over 15% over the past day. Investors and market observers have expressed optimism about the token’s rebranding and believe it could soon reach $10.
From RNDR to RENDER
Last year, the Render Network Foundation moved from Ethereum (ETH), where it was originally launched, to Solana (SOL). The move came after a community vote approved two major updates to the network.
According to announcementThe Solana change was “proposed for faster transactions, lower fees, and the project’s need to achieve more ambitious goals with more data and on-chain transactions.” The community also voted to change the token’s name from RNDR to RENDER, which will be completed in 2024.
This month, the foundation informed users that multiple cryptocurrency exchanges, including Binance, Kraken, OKX, Crypto.com, and KuCoin, will automatically exchange RNDR tokens for the newly renamed token at a 1:1 ratio.
On Monday, RNDR began being delisted from cryptocurrency exchanges ahead of its planned migration on July 26. Exchanges suspended most operations related to the token, which negatively impacted its performance during the week.
What’s more, the whales seem contributed token price impact. Online reports revealed that some major holders sold their RNDR following the news, causing the price to fall from a support level above $7 to below the $6.5 price range.
The token continued to fall in the following days, falling below $6, a 17% drop in four days. Nevertheless, the much-anticipated migration and listing of the recent RENDER token seems to have initiated a price rebound.
AI Token Surges 17% After Listing on Binance
The newly rebranded AI crypto token surged more than 17% today after being listed on cryptocurrency exchange Binance. On Friday, the exchange announced that RENDER had been added to Binance Simple Earn, Buy Crypto, and Binance Convert.
Additionally, it was revealed that Binance Margin and Futures options will be available today for the AI token. Meanwhile, the Auto-Invest option will be added on Monday, July 29. On that day, cryptocurrency exchange Kraken will also list RENDER and delist RNDR.
Investors and market observers have expressed optimism about the rebranding and listing on Binance. User X stated that as the project enters a recent era, “RENDER token with this fresh chart around $6.5 has the potential to reach unimaginable heights.”
Coinboss Cryptocurrency Analyst is considering that the token could “do a flipperino” if it breaks clearly above the $7 resistance level. A successful retest of the target could potentially see the token reclaim the $11 level, further fueling a rally above RNDR’s all-time high (ATH) of $13.53.
Another pseudonym for a cryptanalyst he believes RENDER could soon reach $10, stating: “Thanks for the nonsense. See you above $10.” Some users also believe that investors will regret not getting the “biggest buying opportunity.”
In the past 24 hours, the AI crypto token has seen a remarkable 140% augment in market activity, with a daily trading volume of $83.1 million. At the time of writing, RENDER is trading at $6.89, up 15.6% over the past day.
Featured image from Unsplash.com, chart from TradingView.com
